Whether you’re a business owner or an individual employee, paying taxes is an inevitable part of life. Unfortunately, managing your taxes can be challenging, especially if you have limited knowledge of requirements and regulations.
Hiring a consultant for your tax planning can be beneficial in reducing your stress during the annual tax season. Besides handling the paperwork, they can guide you through the process and all your possible tax questions.
But, like hiring a Xero partner for your bookkeeping needs, choosing the right tax consultant is important. If you are unsure how, follow our quick tips below:
Understand Your Tax Needs
Different tax consultants specialise in various types of tax planning. Depending on your need, you may have to find a consultant who focuses on basic tax returns or a preparer capable of handling more complex tax demands all year round.
Remember, just because the consultant is a CPA does not necessarily mean they can effectively manage your taxes and give you suitable advice. It is still best to assess the skills and expertise of the consultant based on what people say about them.
Ask for Recommendations
As mentioned, one of the best ways to gauge the reliability of a tax consultant is to ask for people’s perspectives. You can often look online for reviews from previous clients regarding their services, including price, expertise, and knowledge.
You may request referrals from your personal network if you want better recommendations. Plus, an attorney or insurance agent may know an excellent tax consultant, so don’t hesitate to reach out.
Qualifications and Credentials
Before you seal the deal with any tax consultant, always ensure they are qualified to do their job.
In Australia, tax consultants are expected to have complete qualifications from an Australian tertiary institution (college or university) approved by the Board in accountancy. They must also have passed three board-approved courses, which include Australian Taxation law, commercial law, and basic accountancy principles.
A certified tax consultant must also have eight relevant working experience obtained within the last ten years.
Work With Trusted Professionals
You don’t have to struggle with taxes; allow us to help you. At DFK Laurence Varnay, we’ll help you achieve your business goals by helping you formulate sophisticated tax strategies and planning for your company. Book a consultation today.
